The International Franchise Association continues its tireless support of small business with a win on Thursday, March 28. After urging the franchise community for support, the H.R. 7010 – Paycheck Protection Program Flexibility Act was passed in the House by a vote of 417-1. The IFA led the business community coalition in support of the measure and sent a letter to Speaker Pelosi and Minority Leader McCarthy that included support from NFIB, the U.S. Chamber and multiple franchisee associations.
- Changes the 75/25 payroll requirement to a 60/40 requirement for full loan forgiveness
- Extends the loan use period from 8 weeks to 24 weeks, while still allowing borrowers to elect an 8-week period
- Extends the program expiration date from June 30, 2020 to December 31, 2020
- Lengthens the loan term for new loans from 2 to 5 years
- Allow PPP recipients to defer payroll taxes on PPP loan proceeds
Copyright © FranchiseWire. All rights reserved.